Why did the military ruin the Pakistani currency in 1982?

[Pakistani Aircraft]

"Initially, the rupee was pegged to the British pound. However, in 1982, the government adopted a managed float policy that caused financial mayhem. For the next five years, the rupee fell nearly 40% against the British pound, and the cost of imports surged, crippling the already fragile economy. The currency remained under pressure until the turn of the century when the State bank of Pakistan finally lowered interest rates and purchased U.S. dollars to curb the falling value of the currency."

Investopedia

Pakistan has continued to suffer for 36-years. What was the motive behind this radical change?

Can the currency be pegged with the dollar or the renminbi or is it too late?

 

[gangsta_rap]

for every mistake by the military you have 10 more done by braindead jamhoor pasand civilians

 

[GHALIB]

what is matter here ?

 

[Sugarcane]

Zia is dead, so we can't ask him but you can ask Nawaz Sharif who was sitting as Finance Minister of Punjab in Zia' s lap. Do inform us also

 

[GHALIB]

for every mistake by the military you have 10 more done by braindead jamhoor pasand civilians

holy cows .

 

[VCheng]

Initially, the rupee was pegged to the British pound. However, in 1982, the government adopted a managed float policy that caused financial mayhem.

It is a matter of basic economics, and not related to whether it was a military or civil government. To keep a pegged value for any currency requires a large amount of underlying economic muscle. Any government will be forced to let its currency float if there is no economy to back it up. The PKR has been declining for a long time before the time you mention, and has declined further since then, due to this reason. And it is going to keep declining until there is enough substance to the Pakistani economy, no matter who is in power. That is just the way economics work. As your own link explains:

"Because of the fragility and volatility of its economy, the Pakistani rupee does not have any strong correlations with other currencies, financials or commodities."

That was true then, just as it is true now.

 

[delta2]

Why are these pathetic donkey meat eating slaves of haramkhore bastard Nawaz Sharif all of a sudden blaming the army for anything and everything?

No other country tolerates such filthy propaganda against its armed forces. Do that in India and you die in your sleep. Do that in the West and your career ends. Do that in Pakistan and you are a God damned pseudo democracy lover!

If it wasn't for the Pakistani army, your sisters and mother's would be dancing in mujras next to a mandir. But since Nawaz Sharif is their ideal and as well as an idol, they wouldn't care if Bint Shareef herself danced at the border.

 

[SQ8]

The job of the military is to guard the borders and against internal armed enemies when mandated by an elected government; anything else they will touch will never work out because it is not their field nor are they trained for it.

Ayub to Musharraf, the military of Pakistan has been stripped of its professionalism and ruined by making it step into tasks best left to professionals in that field.

 

[gangsta_rap]

holy cows .

How so? they messed up. This shouldn't have happened its a mistake of course.

But you have to see how these civilians have kept leeching. Last time I checked the panama list didn't name any army men but there certainly were a number of the scummy flavored civilians in it

 

[Tps43]

We should ask nawaz sharif for sins of his papa

 

[Divergent]

The job of the military is to guard the borders and against internal armed enemies when mandated by an elected government; anything else they will touch will never work out because it is not their field nor are they trained for it.

Ayub to Musharraf, the military of Pakistan has been stripped of its professionalism and ruined by making it step into tasks best left to professionals in that field.

They’re like possessive parents sometimes

 

[SQ8]

They’re like possessive parents sometimes

Or opportunistic usurpers; depends on the perspective.

 

[ali_raza]

pegging ur currency to another one isn’t easy task.imagine ur country has no right to print more and imagine the inflation it brings

 

[Pakistani Aircraft]

The job of the military is to guard the borders and against internal armed enemies when mandated by an elected government; anything else they will touch will never work out because it is not their field nor are they trained for it.

Ayub to Musharraf, the military of Pakistan has been stripped of its professionalism and ruined by making it step into tasks best left to professionals in that field.

Exactly. Who do you think in your opinion is "making it [the military] step into tasks best left to professionals in that field."

I've always felt its foreign powers and greedy elitists in Pakistan working in collusion.

Where are the patriots?

 

[Pakistani Aircraft]

pegging ur currency to another one isn’t easy task.imagine ur country has no right to print more and imagine the inflation it brings

Renminbi is pegged to the US dollar and Pakistani Rupee was pegged to the British Pound for 35 years until 1982.